Adam Smith Institute Fellow Preston Byrne was quoted in The Telegraph, discussing the historically high price of Bitcoin and its recent decrease in value and volume.

Preston Byrne, a fellow of the Adam Smith Institute and a commercial lawyer specialising in securitisation and cryptocurrency in the City of London, says that speculative investment in the currency has pushed up its price…

…Mr Byrne suggests that while lower than a year ago, historically elevated prices and equivalently high fees have been enough to put off many new buyers. As such, daily transaction volumes have slumped, falling to levels typical for 2012 – when Bitcoin was relatively unknown.

Read the full article here.